International Assets Holding Corporation operates with its subsidiaries as a financial services group focused on select international securities and commodities markets. The Companys wholly owned subsidiaries are INTL Trading, Inc., INTL Assets, Inc. and IAHC (Bermuda), Ltd. Most of International Assets activities are conducted through INTL Trading, a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the National Association of Securities Dealers, Inc. (NASD). INTL Assets is involved in international debt transactions and holds the physical assets of the Company. IAHC (Bermuda) maintains an international fixed-income securities portfolio managed by the Companys fixed-income traders. Activities of International Assets and its subsidiaries are divided into three functional areas: international equities market-making, international debt capital markets and commodities/foreign exchange trading.